Beijing’s annual revenue exceeds 500 billion yuan for first time

It is learned from Beijing Municipal Bureau of Finance that Beijing achieved general budget revenue of 508.13 billion yuan (USD 73.78 billion) in 2016, up by 7.5 percent year on year. This is the first time that Beijing’s annual revenue has exceeded 500 billion yuan (USD 72.60 billion).

Beijing’s annual revenue in 2016 not only improved in quantity but also in quality, and tax revenue accounted for 90 percent of the total revenue. In addition, the contribution rate of advantageous industries like sci-tech enterprises, headquarters economy, finance sector, information service industry, and business service industry, and companies in six high-end industrial function zones has increased steadily. In terms of public expenditure, the expenditure structure has been further optimized, such fields as functional transfer, innovation support, eco environment, urban management, and public services were given priority to, and over 80 percent of the annual revenue was spent on education, elderly care, social security, medical care, culture and sports, and public housing, which are closely related to people’s livelihood.

Not only a higher ratio of revenue is spent on improving people’s livelihood, but also new usage modes of the public expenditure have been explored. Financial fund has been used more effectively in providing more public services and improving public service quality and efficiency through more government-purchased services in recent years. An official of Beijing Municipal Bureau of Finance introduced that the expenditure of government-purchased services of Beijing in 2016 totaled 27.4 billion yuan (USD 3.97), among which 22.92 billion yuan (USD 3.32 billion) was spent on services purchased by municipal government departments, 1.3 times of that in 2015.

Public-private partnership (PPP) programs have made financial fund play its full role. So far, Beijing has 89 programs with a total investment of 24.4 billion yuan (USD 3.54 billion) included in the PPP comprehensive management platform of Ministry of Finance, which aims to attract a private capital of 14.38 billion yuan (USD 2.08 billion). PPP programs have covered all the key sectors in Beijing like transport, garbage disposal, sewage treatment, water conservancy, public housing, elderly care and tourism.